Indian equity markets are likely to open on a cautious but stable note, with indices expected to trade in a range amid mixed global cues. The ongoing sell-off in global technology stocks and lingering uncertainty over the outcome of the US–Iran talks may keep investors guarded at higher levels.
However, underlying sentiment remains supported by a steady return of foreign portfolio investor inflows over the past few sessions, aided by progress in the India–US trade talks, the announcement of tariff reductions on Indian exports to the US, a sharp recovery in the Indian rupee, and continued buying support from domestic institutional investors. These factors are providing a near-term cushion to the market, even as participants await clarity on the final contours of the trade agreement.

That said, after the recent sharp rally, the market appears to have entered a consolidation phase, characterised by lighter volumes and narrower trading ranges.  

Nifty 50

Nifty 50 remains in a post-rally consolidation, with repeated failures to sustain above the 25,800 zone indicating supply at higher levels. Key support is placed at 25,550–25,500, aligning with the prior swing base and the 20- and 50-day EMAs. Immediate resistance stands near 25,850; a sustained breakout above this level could reopen the path toward 26,000 and beyond. Momentum remains neutral, with RSI holding in the 50–55 band and MACD reflecting only mild bullish undertones. With open interest building on both sides, the index is likely to remain range-bound within 25,500–26,000 in the near term.

Bank Nifty

Bank Nifty continues to show relative strength, holding firmly above the psychological 60,000 mark. Immediate support is seen near 59,800, with a stronger support band at 59,500–59,000, coinciding with the 20- and 50-day EMAs. On the upside, resistance is placed at 60,400–60,500. RSI near 57 has flattened, indicating moderation in momentum rather than reversal. The short-term bias remains neutral to mildly bullish, with relative outperformance likely to persist as long as this divergence versus the broader market holds.